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Insight

State development boom a hot topic at ICSC Florida Conference & Deal Making

September 6, 2018

“Sun, Fun, and Getting Deals Done” was the theme for this year’s Florida Conference & Deal Making, held last week in Orlando.

“It’s a great time to be in Florida, as we have unprecedented tourism growth throughout the state and booming residential growth, which is creating lots of opportunities for retailers to be successful,” said Justin Greider, a JLL senior vice president of retail, the ICSC program committee’s chairman for the conference. “The biggest take-away from this year’s show is that retail is on a roll in Florida right now. There are deals to be done, whether you’re in the panhandle, South Florida or anywhere in between.”

At a general session, representatives from Colliers International presented research on the state’s burgeoning retail scene. South Florida continues to lead the state in rental rates, with Miami soaring above all markets, commanding rental rates in excess of $37 per square foot and enjoying occupancy levels of about 96 percent this year, said Anjee Solanki, Colliers’ national director of retail services. According to the data, 2017 was the strongest year for new Florida retail development since 2009, with some 6.6 million square feet delivered to the state. This year upwards of two million square feet have already been delivered, with an additional 5.5 million square feet still under construction, Solanki said.

Bealls Outlet, Bolay, Club Pilates, First Watch and Urban Air Adventure Park are among the retail, restaurant and entertainment names eager for entry.

“Our opening ‘Smokin’ Hot Breakfast’ featured retailers new and old [that] are looking at growth throughout Florida with new concepts and new offerings,” Greider said. “Florida is a booming market right now, and retailers from across the country are seeing it as an opportunity they don’t want to miss out on.”

By Brannon Boswell

Executive Editor/SCT

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